Agribank introduces life insurance
Agribank has introduced a credit life insurance product, effective 1 June.Spokesperson Fillemon Nangonya said the product serves as financial security and protection against unforeseen events, tailored exclusively to Agribank clients.
According to him, credit life insurance offers benefits beyond covering death and protecting a client’s estate. “If a client becomes permanently or temporarily disabled, is diagnosed with a serious illness or faces retrenchment, the insurance will cover the client’s loan instalments for a specified period, providing essential financial relief during challenging times,” he said.
Nangonya added that credit life insurance will become a mandatory requirement for all eligible clients, effective 1 July. However, applicants or clients will not be compelled to take up the Agribank product and have the option of providing alternative life cover from an insurer of their choice.
Similarly, existing clients with life insurance policies can continue to use their current coverage, he said, adding: “Though they are also invited to participate in the Agribank credit life insurance programme to enjoy its comprehensive benefits”.
Significant step
“The introduction of credit life insurance is a significant step forward for Agribank. It supports the sustainability of our clients’ farming and agro-enterprise ventures by providing a financial safety net against unforeseen events,” the bank’s CEO, Dr Raphael Karuaihe, said.
He added that the initiative demonstrates Agribank’s dedication to offering innovative and affordable products and services.
The Agribank credit life insurance is underwritten by Momentum Metropolitan Namibia Limited, while Agribank is designated to market and sell the credit life insurance to its customers.
According to him, credit life insurance offers benefits beyond covering death and protecting a client’s estate. “If a client becomes permanently or temporarily disabled, is diagnosed with a serious illness or faces retrenchment, the insurance will cover the client’s loan instalments for a specified period, providing essential financial relief during challenging times,” he said.
Nangonya added that credit life insurance will become a mandatory requirement for all eligible clients, effective 1 July. However, applicants or clients will not be compelled to take up the Agribank product and have the option of providing alternative life cover from an insurer of their choice.
Similarly, existing clients with life insurance policies can continue to use their current coverage, he said, adding: “Though they are also invited to participate in the Agribank credit life insurance programme to enjoy its comprehensive benefits”.
Significant step
“The introduction of credit life insurance is a significant step forward for Agribank. It supports the sustainability of our clients’ farming and agro-enterprise ventures by providing a financial safety net against unforeseen events,” the bank’s CEO, Dr Raphael Karuaihe, said.
He added that the initiative demonstrates Agribank’s dedication to offering innovative and affordable products and services.
The Agribank credit life insurance is underwritten by Momentum Metropolitan Namibia Limited, while Agribank is designated to market and sell the credit life insurance to its customers.
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